  We present optical and infrared observations of BQ Cam, the optical
counterpart to the Be/X-ray transient system V0332+53. BQ Cam is shown to be an
O8-9Ve star, which places V0332+53 at a distance of ~7 kpc. H-alpha
spectroscopy and infrared photometry are used to discuss the evolution of the
circumstellar envelope. Due to the low inclination of the system, parameters
are strongly constrained. We find strong evidence for a tilt of the orbital
plane with respect to the circumstellar disc (pressumably on the equatorial
plane). Even though the periastron distance is only ~ 10 R_*, during the
present quiescent state the circumstellar disc does not extend to the distance
of periastron passage. Under these conditions, X-ray emission is effectively
prevented by centrifugal inhibition of accretion. The circumstellar disc is
shown to be optically dense at optical and infrared wavelengths, which together
with its small size, is taken as an indication of tidal truncation.
