The English equivalent of "lontano dagli occhi, lontano dal cuore" is "out of sight, out of mind" - maybe this helps you.
As JohnnyJo has already said, it may mean you shouldn't trust somebody's distant love; however, it may also mean you can't suffer or even care of somebody who's far from you, for as you can't see him, you can't go on loving him...
JohnnyJo seems to trust very much this proverb... but I say "absence makes the heart grow fonder" too! :)