Does anyone know how to set up an event to execute every time the time passes?
Any help is much appreciated.

According to Docs/Visual Event MANUAL.txt, "NativeEvents/GameOverCheck.ve.xml" is the only one that gets this behaviour. So you'd have to modify that to hook in your own logic, and still perform its own logic.

I suspect you could probably achieve this with a special character's Schedule Handler VEE event too, if this is for a mod or proof-of-concept.

If it's something that needs to trigger for every specific minute (like every single minute, or every other minute), then BackgroundEvents would be the best option.

They shouldn't be used for anything too heavy though.  They use a different scheduling system (cron based), which triggers them at exact times (like monday 14:00 or every minute of day x of month y-z).  Keep in mind that passing 60min with a Background event set to every minute will trigger it 60 times (at each minute).  Have a look at the test event in BackgroundEvents.