Soften cream cheese by setting it on the counter to reach room temperature while you melt the white chocolate. In a small glass dish place the white chocolate chips with the corn syrup in the microwave for 30-second increments, removing and stirring the white chocolate chips together with the corn syrup until the chocolate has melted.
In a small bowl add cream cheese and the melted white chocolate chips and mix together. Add in the 1/2 cup of powdered sugar, and stir to combine. Refrigerate mixture for about 30 minutes so it will harden.
When the cheese ball has chilled it will become firm, shape into a ball, and then roll in chopped hazelnuts. You may want to toast the nuts for additional flavor, but be sure to let them cool off completely before the nuts are used.