A good neighbor is better than a distant sibling.

Literal

Far [possessive-の] sibling [than-より], good neighbor.

A Japanese proverb equivalent to 'a good neighbor is better than a far-off brother.' The classical attributive 良き (from 良い) gives it a proverbial, timeless feel. The structure mirrors the English but with Japanese word order: the compared-against item (遠くの兄弟) comes first with より, then the preferred item (良き隣人) stands alone as a 体言止め.